Clearing Bank Sample Clauses
Clearing Bank. The term ‘‘clearing bank’’ means an uninsured State member bank, or a corporation organized under section 25A of the Federal Reserve Act, which oper- ates, or operates as, a multilateral clearing or- ganization pursuant to section 409 of the Fed- eral Deposit Insurance Corporation Improve- ment Act of 1991. (Added Pub. L. 106–554, § 1(a)(5) [title I, § 112(c)(5)(B)], Dec. 21, 2000, 114 Stat. 2763, 2763A–394.) REFERENCES IN TEXT Section 3 of the Federal Deposit Insurance Act, re- ferred to in par. (2), is classified to section 1813 of Title 12, Banks and Banking.
Clearing Bank and Borrower each acknowledges and agrees that the Clearing Account is subject to the sole dominion, control and discretion of Lender and Designee and Borrower shall not have any right to close such account or right of withdrawal with respect to such account. Clearing Bank subordinates, in favor of Lender, any right to offset any claim against Borrower which it might have against the Clearing Account; provided, however, that Clearing Bank retains the right to (a) charge the Clearing Account for any of Clearing Bank’s charges, fees and expenses related to the Clearing Account for which Borrower is responsible and (b) for return deposit items and for adjustments and corrections in respect of transactions in the Clearing Account, including, without limitation, returned checks and other deposits with respect to which the Clearing Bank fails to receive final payment or settlement. If there are insufficient collected funds in the Clearing Account to cover the amount of any returned check or other adjustment or correction to be debited thereto, Borrower shall repay the Clearing Bank the amount of such debit immediately upon demand. This paragraph shall survive termination of this agreement.
Clearing Bank. The term ‘‘clearing bank’’ means an uninsured State member bank, or a corporation organized under section 25A of the Federal Reserve Act, which oper- ates, or operates as, a multilateral clearing or- ganization pursuant to section 409 1 of the Fed- eral Deposit Insurance Corporation Improve- ment Act of 1991. (Added Pub. L. 106–554, § 1(a)(5) [title I, § 112(c)(5)(B)], Dec. 21, 2000, 114 Stat. 2763, 2763A–394.) Section 3 of the Federal Deposit Insurance Act, re- ferred to in par. (2), is classified to section 1813 of Title 12, Banks and Banking.
Clearing Bank the bank selected by Borrower and approved by Lender in its sole discretion at which the Clearing Account is established. Code: the Internal Revenue Code of 1986, as amended and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form.
Clearing Bank. Manufacturers and Traders Trust Company, New York banking corporation, or such other bank selected by Borrower and approved by Lender in its sole discretion. Code: the Internal Revenue Code of 1986, as amended and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. Comfort Letter: individually and collectively, each of the seven (7) comfort letters, each dated on or about the date hereof, among Lender, the applicable Franchisor and the applicable Operating Lessee, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
Clearing Bank. Manufacturers and Traders Trust Company, New York banking corporation, or such other bank selected by Mortgage Borrower and approved by Lender and Mortgage Lender, in their respective sole discretion. Code: the Internal Revenue Code of 1986, as amended and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form.
Clearing Bank agrees to discharge its Interchange Settlement obligations to FDMS under this Agreement in full and on first written demand waiving any defense, setoff or right of counterclaim (without prejudice to the ability of Clearing Bank to pursue these independently) and notwithstanding any act or omission or alleged act or omission or any insufficiency or deficiency that there is or has been or that may be alleged in the performance by FDMS of its obligations under this Agreement or otherwise. FDMS agrees, however, that it shall not set off against any payment to be made by it to Clearing Bank or on its behalf pursuant to this Agreement in connection with Interchange Settlement any amount due and payable by Clearing Bank to FDMS (without prejudice to the ability of FDMS to pursue these independently) other than amounts due and payable by Clearing Bank or on its behalf to FDMS pursuant to this Agreement in connection with Interchange Settlement.
Clearing Bank. Borrower and Manager shall also deposit into the Security Deposit Account - Clearing Bank all amounts drawn down under any letters of credit held by Borrower or Manager in lieu of cash security deposits. Neither Borrower nor Manager shall have any right of withdrawal from the Security Deposit Account Clearing Bank except that, prior to the occurrence of an Event of Default which is continuing, if either Borrower or Manager desires to receive funds from the Security Deposit Account Clearing Bank, Borrower or Manager may do so only if each of the following conditions are satisfied:
Clearing Bank during a Cash Management Period, the bank selected by Borrower and approved by Lender in its sole discretion at which the Clearing Bank Account is established.
Clearing Bank. LaSalle Bank National Association, or such other Eligible Institution selected by Borrower and reasonably acceptable to Lender. Code: the Internal Revenue Code of 1986, as amended and as it may be further amended from time to time, any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. Control: with respect to any Person, either (i) ownership directly or indirectly, individually or through immediate family members or estate planning trusts controlled by such Person, of 51% or more of all equity interests in such Person or (ii) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, through the ownership of voting securities, by contract or otherwise. Conversion Date: shall have the meaning ascribed to such term in Section 2.8.2.